MagneGas Generates $1.163 Million in Sales for November
18 Dezembro 2018 - 11:00AM
Sales Increase of 287% Compared to Prior
Year
MagneGas Applied Technology Solutions, Inc. ("MagneGas" or
the "Company") (NASDAQ: MNGA), a leading clean technology
company in the renewable resources and environmental solutions
industries, announced today that the Company generated sales of
$1.163 million for the month of November, as compared to $0.3
million in November 2017, representing a 287% increase. The sales
growth was a result of MagneGas’ expansion into California, Texas
and Louisiana through six acquisitions made in 2018.
The fastest growing market for the Company in
November was the Texas and Louisiana combined market, which grew
45% compared to October sales. This was in part the
result of three acquisitions made in the second half of October,
which doubled the Company’s retail store count and added a market
presence in Paris, TX and Longview, TX. In addition, Green
Arc had its highest monthly sales figures for 2018, as well as the
highest sales figures under MagneGas ownership and
operation.
In the California market, sales grew flat
compared to October results. This market continues to show
strength and has been very receptive to both the sales of the
MagneGas metal cutting fuel product, as well as strong new client
adoption and cross sales activities. Sales in the southern
California market were some of the strongest sales results under
MagneGas ownership.
In Florida, sales declined 10% as compared with
October results. The decline was in part due to the seasonality in
sales, which are traditionally negatively affected by the
Thanksgiving holiday week. As a positive development, the
Company’s new location in Pasco County has already grown to the
point of profitability and is gaining steady market acceptance in
its addressable market.
“We are starting to gain good momentum with our
sales efforts,” commented Scott Mahoney, Chief Executive Officer of
MagneGas. “We have completed the personnel integration of the
three acquisitions made in October in east Texas and
Louisiana. Our team is operating smoothly and efficiently,
and this is translating into excellent results when interfacing
with clients. We have already conducted MagneGas metal
cutting fuel demonstrations at all of our new operations, and we
have armed our team with a unique product that can help drive
revenue growth.”
Mr. Mahoney continued, “We have experienced a
significant amount of change within our organization in the past
few months, and we are very pleased to report that these changes
are improving our ability to serve the customer, and this is
quickly translating into sustained revenue growth.”
About MagneGas Applied Technology
Solutions, Inc.
MagneGas Applied Technology Solutions, Inc.
(MNGA) owns a patented process that converts various renewables and
liquid wastes into MagneGas® fuels. These fuels can be used as an
alternative to natural gas or for metal cutting. The Company's
testing has shown that its metal cutting fuel “MagneGas2®” is
faster, cleaner and more productive than other alternatives on the
market. It is also cost effective and safe to use with little
changeover costs. The Company currently sells MagneGas2® into
the metal working market as a replacement to acetylene.
The Company also sells equipment for the
sterilization of bio-contaminated liquid waste for various
industrial and agricultural markets. In addition, the Company is
developing a variety of ancillary uses for MagneGas® fuels
utilizing its high flame temperature for co-combustion of
hydrocarbon fuels and other advanced applications. For more
information on MagneGas, please visit the Company's website at
http://www.MagneGas.com.
The Company distributes MagneGas2® through
Independent Distributors in the U.S and through its wholly owned
distributors, ESSI, Green Arc Supply, Paris Oxygen, Latex Welding
Supplies, United Welding Supplies, Trico Welding Supply and
Complete Welding of San Diego. The Company operates 13 locations
across California, Texas, Louisiana, and Florida.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking
statements as defined within Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. These statements relate to future events,
including our ability to raise capital, or to our future financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
our control and which could, and likely will, materially affect
actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to our operations, results
of operations, growth strategy and liquidity. We assume no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
For a discussion of these risks and
uncertainties, please see our filings with the Securities and
Exchange Commission. Our public filings with the SEC are available
from commercial document retrieval services and at the website
maintained by the SEC at http://www.sec.gov.
Investor Contacts:Tirth PatelEdison AdvisorsT:
646-653-7035tpatel@edisongroup.com
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